What the SAFE Banking Act Means for Hemp: Week in Review

Plus, Idaho has become the final state in the U.S. to legalize hemp production.

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April 24, 2021

This week, the U.S. House of Representatives once again passed the Secure and Fair Enforcement (SAFE) Banking Act with a 321-101 vote. Many hemp industry organizations are supportive of the bill, as it would alleviate banking burdens for legally operating businesses. However, the bill contains a provision that is concerning to others, stating the only businesses protected will be those operating under the 2018 Farm Bill. Read more

Also in national news, 12 states have now banned delta-8 THC sales. The controversial cannabinoid has bans brewing in other states as well, despite its ability to help farmers sell their leftover biomass from previous years. Read more

More big news nationally: Idaho has become the final state in the U.S. to legalize hemp production, as the state’s governor signed House Bill 126 into law on April 16. The Idaho State Department of Agriculture now must prepare and turn in a state hemp plan that complies with the 2018 Farm Bill rules and regulations no later than Sept. 1, 2021. Read more

In other news…

  • Alabama-based hemp fiber processing, manufacturing and technology company BastCore recently announced it has received $2.8 million in funding for its first significant round of venture capital financing. Read more

  • Colorado-based Charlotte’s Web has announced three of its proprietary hemp cultivars were approved for registration on Health Canada’s List of Approved Cultivars (LOAC) for outdoor cultivation in Canada. These are among the first hemp CBD cultivars on the LOAC that are early flowering and early maturing for outdoor cultivation and harvesting within the shorter Canadian growing season. Read more

  • Washington Gov. Jay Inslee signed Senate Bill 5372 into law, permitting the registration of hemp processors within the state, as well as the certification of hemp extract, which will allow it to be transported across additional state lines. Previously, the state had no form of a hemp processor license. Read more

  • The U.K.’s Food Standards Agency (FSA) announced that the first CBD products—23 various capsules, oils and flavored tablets—have been validated to continue through the "novel food" application process. FSA will update the list on a weekly basis until it completes it, which it plans to do in June. The agency notes that “validation is not the same as authorisation” and that it is not endorsing the products’ sale. Read more